Nascent Contractualism and a Rising (Sub)Culture?

Some 16th century philosopher (Grotius) once questioned that if an individual can alienate his liberty and make him(her)self the slave of a master, why could not a whole people do the same and make itself subject to a king?

I read this question and of course immediately applied it to this lifestyle. And while showering (all best thoughts are had in water, have you noticed?), I had this grand vision of a new society founded on BDSM, with an elected King.

While it's amusing to play around with this concept in my head, it makes me wonder, with the climate of today's politics, if we aren't ripe for some regression. Would I pledge my loyalty to a fiefdom? I think certainly, if the laws of feudalism were adjusted to make the lordship based on worth rather than birth. Privilege begets greed.

Pardon my academia, I'm over-caffeinated.